Family Law Practices
Fairfax Property Settlement LawyerHow do divorcing parties determine who keeps the house? The retirement plan? The dog? The debt? In a divorce, all respective assets are identified, valued, and allocated between the parties – this can range from bank accounts to vehicles, and businesses to real estate.
3 Types of Property Recognized in a Virginia Divorce:
Separate property:Any property that was acquired prior to your marriage or acquired by a separate gift or inheritance during the marriage from anyone other than your spouse is considered separate property. Proving property is separate may be difficult, so if you believe that you or your spouse have items of separate property, you should make your attorney aware of this as early in the process as possible.
Marital property:Big or little, pricey or inexpensive, anything that was acquired during the marriage by either party or both parties together – regardless of whose credit card it went on or whose name is on the title – is presumed to be marital property.
Hybrid property:Part marital and part separate property is classified as the hybrid property in a Virginia divorce. Common examples of this include a home purchased during the marriage where the down payment came from one or both parties' pre-marital savings, or an IRA with contributions both before and after the marriage. In general, the party seeking to classify property as a hybrid has the burden of proving this.